Umbrella Insurance doesn’t just keep out the rain, it’s not a fancy parasol or sunshade and you won’t hear Rihanna singing about it. But you can view it as your protective gadget. It function is to protect your assets from an event that you can’t anticipate occurring.
What Umbrella means in this instance is: comprehensive, inclusive or overall.
There are some advantages to having an Umbrella Insurance Policy.
1- It’s liability insurance that supplements your basic policies.
2- It can combine or enhance your auto, renters, or home insurance.
3- It often covers a higher limit than a standard policy.
4- If a lawsuit is filed against you, your coverage will cover those damages up to the policy limit if you are legally responsible.
5- Often we don’t realize that we have many assets that can be jeopardized in a lawsuit such as:
- investments and retirement accounts
- cars
- house
- checking and savings accounts
- future income
There are difference kinds of coverage for different lifestyle situations, each have different applications and ramifications. In a business for example, there may be a tax deductible for to the insurance. When considering an umbrella policy coverage limits there are several factors you must consider:
- The risks you may face.
- The value of your assets.
- The potential loss of future income
In an uncertain world, you need protection for the unseen. You need to look at all the factors and choose an umbrella insurance that’s right for you. Contact The Insurance Shop USA to see how you can create an umbrella in your life.
